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  • FIRST POST
    • LadyGnome
    • By LadyGnome 20th Apr 16, 6:05 PM
    • 420Posts
    • 1,550Thanks
    LadyGnome
    A Journey of Many Pounds Starts With a Single Penny
    • #1
    • 20th Apr 16, 6:05 PM
    A Journey of Many Pounds Starts With a Single Penny 20th Apr 16 at 6:05 PM
    Like many I have lurked for some time popping up on people's diaries with comments but I've decided it's time to come out of the shadows and start my own.

    Let me introduce myself. I am 46, live in London with MrGnome and two school age children. We have been MF before but when we decided to move we kept the MF house as a BTL and bought a project to do up. Mr Gnome does up properties as a part time business so he did a back to the brickwork renovation and extension on the house which is now finished (mostly ). I work full time as the main earner.

    The combination of the renovation and house price rises mean our LTV is below 50% so our interest rate is pretty good (2yr fix at 1.74%).

    I won't be making huge overpayments as we currently pay school fees as well as the mortgage. Additionally I have to balance frugality with enjoying life with the children.

    As the mortgage is large
    £268,261 today
    I am focussing on smaller goals which I will put in the next post.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
Page 1
    • LadyGnome
    • By LadyGnome 20th Apr 16, 6:14 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    • #2
    • 20th Apr 16, 6:14 PM
    Goals
    • #2
    • 20th Apr 16, 6:14 PM
    2Medium term Mortgage - COMPLETED
    Pay off 40 in 40 i.e. pay off £40K in 40months - this includes the normal monthly repayments. I started this when the mortgage was at £290K to get it down to £250K. Psychologically getting the mortgage under 1/4 Million feels important.
    27 May 2017 Month 31 £40265.71/£40000 - COMPLETED

    Shorter Term
    Mortgage
    1. Reduce to £259K by Nov when current fix expires - Done
    2. Reduce below £248K by July 2017






    Big Holiday Fund
    Increase to £1200 by end of May Done

    Education / Children
    Reconcile account when music lessons paid for by end of 1st week of May - Finally able to do this in mid July
    I have a number of possible scenarios of how much money might be needed for the children over the next few years over and above what we spend now. They vary from a realistic £11K to a mad £40K. I have labeled them Goals 1-4 and divided them up into 5% blocks.
    10% Goal 1 - £1124 Done
    10% Goal 2 - £1618 Done

    15% Goal 3 - £1686 Done
    20% Goal 1 - £2248 Done
    10% Goal 3 - £2354 Done
    15% Goal 2 - £2428 Done
    25% Goal 1 - £2810 Done
    20% Goal 2 - £3237 Done
    30% Goal 1 - £3372 Done
    15% Goal 3 - £3531
    35% Goal 1 - £3934

    Last edited by LadyGnome; 06-06-2017 at 11:38 PM. Reason: Updates
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 20th Apr 16, 6:25 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    • #3
    • 20th Apr 16, 6:25 PM
    • #3
    • 20th Apr 16, 6:25 PM
    So far this week
    Monday found 1p (hence the title of the thread)

    Reconciled the account I use for saving up for annual bills and split the spare cash between mortgage, holiday and children funds

    Consolidated my cash ISA's into one paying a reasonable rate

    Renewed my mobile phone contract cutting £15 pm off (£5 pm to each fund)

    Wrote a letter to my bank challenging charges for a service I don't think I use (Safe Custody) my mortgage isn't with them so I don't think they are holding any deeds for me. Asked for details of why they are charging, where I agreed to it and asked for a refund with interest and compensation (worth a try )

    Claimed the rewards that had built up on my current account of £39 and put £13 in each fund.

    Tues found 31p (3 separate finds of 1p, 20p and 10p)
    Today - I started my diary
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • brizzledfw
    • By brizzledfw 20th Apr 16, 8:57 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    • #4
    • 20th Apr 16, 8:57 PM
    • #4
    • 20th Apr 16, 8:57 PM
    Well done on starting the diary..best of luck!
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
    • LadyGnome
    • By LadyGnome 20th Apr 16, 9:40 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    • #5
    • 20th Apr 16, 9:40 PM
    • #5
    • 20th Apr 16, 9:40 PM
    Thanks
    This is one place where my financial planning, change counting and spreadsheets seem totally normal and mainstream.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 21st Apr 16, 12:05 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    • #6
    • 21st Apr 16, 12:05 PM
    • #6
    • 21st Apr 16, 12:05 PM
    They were handing out free Belv1t@ softbakes at the station this morning so I bought a smaller breakfast at work and had one for a mid morning snack.

    Goal for next week - make breakfast and lunch to take to work.
    (One child has been unwell this week so lack of sleep has made making a packed lunch feel like a huge task - luckily he is on the mend)

    My current account is looking rather forlorn and I don't get paid until Monday so no unbudgeted spends allowed this weekend.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 22nd Apr 16, 9:43 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    • #7
    • 22nd Apr 16, 9:43 AM
    • #7
    • 22nd Apr 16, 9:43 AM
    Yesterday I opened a NWide Reg Saver account that pays 5% for the year (I am already a customer). I can only put in a max of £500 pm so I will use it for saving up for the children. Once I have fed in the money I have already saved c£1400 I don't think I will hit the £500 pm limit (unless I win the lottery!)
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 23rd Apr 16, 11:37 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    • #8
    • 23rd Apr 16, 11:37 AM
    • #8
    • 23rd Apr 16, 11:37 AM
    Getting my hair done today. I've already put the money aside but will pay using my CC to get the cash back and keep earning interest on the money until the CC bill needs paying.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • newgirly
    • By newgirly 23rd Apr 16, 11:53 AM
    • 5,859 Posts
    • 40,012 Thanks
    newgirly
    • #9
    • 23rd Apr 16, 11:53 AM
    • #9
    • 23rd Apr 16, 11:53 AM
    Best of luck with the new diary
    MFW 21
    Target for 2017 £38,545 / £17,514.78 paid so far

    Mortgage £47,354 years 8 months left. Total owed £62,871.22 planning to clear in 18 months
    Weight loss target 37lb/22lb gone.
    • LadyGnome
    • By LadyGnome 23rd Apr 16, 4:45 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    newgirly
    Thanks very much.

    Haircut was £3 under budget so that will be allocated to the three pots tomorrow when I do the pre-payday sweep up. The night before payday I move any cash still left in my current account to the three pots (mortgage, holiday and children) so I don't just fritter it away.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • EatingTheElephant
    • By EatingTheElephant 24th Apr 16, 7:26 AM
    • 1,148 Posts
    • 6,160 Thanks
    EatingTheElephant
    Popping in to say hi and wishing you good luck
    • Secret Saving Squirrel
    • By Secret Saving Squirrel 24th Apr 16, 2:03 PM
    • 3,929 Posts
    • 36,189 Thanks
    Secret Saving Squirrel
    Yes, very good luck on your journey x
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years
    • LadyGnome
    • By LadyGnome 24th Apr 16, 2:39 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Thank you ETE and SSS for popping by.

    Things achieved so far this weekend
    1. Found 2p
    2. Won £5 on the lottery
    3. Planted some beetroot
    4. Current account sweep completed

    £78 left in my current a/c plus £3 saved on hairdresser gave me £81 so a very neat £27 to each pot.

    To do
    Make breakfast & lunch to take to work

    Tomorrow is payday so will do the money shuffle tomorrow or Tues.

    I will update on goals later in the week as I work off the mortgage balance the day before payment as that is the highest the figure can be (and will never be that high again!!)
    Last edited by LadyGnome; 28-04-2016 at 3:51 PM.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • greent
    • By greent 24th Apr 16, 5:54 PM
    • 6,404 Posts
    • 64,702 Thanks
    greent
    Hello, welcome and good luck with your journey
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £5034/£3286
    Net sales 2017 £1214.99/£500 PAYDOX17 £11937/£10k Decluttered 1730/2017 items
    • LadyGnome
    • By LadyGnome 24th Apr 16, 10:09 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    greent
    Thanks
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 25th Apr 16, 10:02 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Weekly Goals
    Bring food to work.
    Monday - Done
    Tuesday - Done
    Wednesday -Done
    Thursday - Done
    Friday - Done


    Walk from station to work instead of bus
    Do once - Done on Wed (roadworks were fouling up the traffic so walking was quicker than the bus).


    Financial
    Ring up CTF provider and check when statements due -Found out how to register online to manage the CTF so waiting for activation letter
    Provide Spanish Bank with info needed to recover dormant AN account
    Get State Pension Forecast - Done all OK
    Remind OH to get his State Pension Forecast - Done
    Update Financial Goals on here
    Last edited by LadyGnome; 03-05-2016 at 1:07 PM. Reason: Progress updates
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • McTaggus
    • By McTaggus 25th Apr 16, 11:31 AM
    • 233 Posts
    • 309 Thanks
    McTaggus
    Good luck with your mission!
    • LadyGnome
    • By LadyGnome 25th Apr 16, 2:10 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Good luck with your mission!
    Originally posted by McTaggus
    Thanks very much.
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • LadyGnome
    • By LadyGnome 26th Apr 16, 9:20 AM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    Yesterday there was a bit of spending. Oldest of the Gnomeboys needed more school uniform as he refuses to stop growing at a ridiculous rate (he's 12). Size 8 trainers


    I bought myself two tickets for RSC productions in London for Sept and Nov. However, I did buy mid range tickets rather than the most expensive so £68 (inc donation to RSC) to see King Lear and The Alchemist. (MSE bit - paid for on a cashback CC; put aside half the cost this month in holding a/c and will cover other half next month)


    Reviewed some of the money shuffle figures and added savings pots for a couple of probable expenses due in 3-4 years time. Its easier to find £56 pm for 45 months than £2500 in one lump. If the expenses don't crystallise I am sure I will have no problems repurposing the money


    Made my standard £200 OP to the mortgage. All other ad hoc repayments are split 3 ways but a standalone £200 pm goes to the mortgage as it is the biggest bill to pay!
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • brizzledfw
    • By brizzledfw 26th Apr 16, 8:55 PM
    • 7,156 Posts
    • 34,729 Thanks
    brizzledfw
    Like the savings pots idea and mid range tickets. Am sure it'll be great and this way you have more spare to OP.

    Have a good eve
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 200 items before 31.01.18 xx/200 ** LSDs Target 10 for Winter 0x/10 **AFDs xx/15 ** Sales Target '17 £750 £225 so far
    **NSDs Target 10 for Winter xx/10 Trying to be a Frugalista
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